pdic_UsapangPera_GuideBook

(g) “PERA Investment Product” refers to a unit investment trust
fund, mutual fund, annuity contract, insurance pension products,
pre-need pension plan, shares of stock and other securities listed
and traded in a local exchange, exchange-traded bonds or any
other investment product or outlet which the concerned Regulatory
Authority may allow for PERA purposes: Provided, however, That
to qualify as a PERA investment product under this Act, the product
must be non-speculative, readily marketable, and with a track
record of regular income payments to investors. The concerned
Regulatory Authority must first approve the product before being
granted tax-exempt privileges by the BIR.
(h) “Regulatory Authority” refers to the Bangko Sentral ng Pilipinas
(BSP) as regards banks, other supervised financial institutions and
trust entities, the Securities and Exchange Commission (SEC)
for investment companies, investment houses stockbrokerages
and pre-need plan companies, and the Office of the Insurance
Commission (OIC) for insurance companies.
(i) “Overseas Filipino” refers to (1) an individual citizen of the
Philippines who is working or deriving income from abroad,
including one who retained or reacquired his Philippine citizenship
under Republic Act No. 9225, otherwise known as the “Citizenship
Retention and Reacquisition Act of 2003”; or (2) the legitimate
spouse, whether or not said spouse is of Filipino ancestry, and the
children of the Filipino citizen mentioned in item (1) hereof.
Sec. 4. Establishment of a PERA. - A Contributor may create
and maintain a maximum of five (5) PERA, at any one time:
Provided, That the Contributor shall designate and maintain
only one (1) Administrator for all his PERA. The Contributor
shall make all investment decisions pertaining to his PERA.
However, he has the option of appointing an Investment
Manager, either in writing or in electronic form, to make
investment decisions on his behalf without prior consultation.
138 Annexes